Footfalls at Hero MotoCorp showrooms back to normal at 85%: Pawan Munjal, chairman

While there was a steep drop in foot falls at our dealerships in the first two days of demonetisation, we are already seeing steady improvement in the situation.Sharmistha Mukherjee | ET Bureau | November 24, 2016, 17:06 IST

NEW DELHI: The country's largest two-wheeler manufacturer Hero MotoCorp on Wednesday said that footfalls across its showrooms are improving and has returned to 85 per cent of normal levels with the government taking a slew of measures to improve cash flow in the market post currency ban of old high value Rs 500 and Rs 1000 currency notes earlier this month.

"While there was a steep drop in foot falls at our dealerships in the first two days of currency ban, we are already seeing steady improvement in the situation with footfalls having gone up to almost 85 per cent of the normal level. With the slew of measures being implemented by the government, we expect the situation to return to normalcy sooner than later", said Pawan Munjal, chairman, Hero MotoCorp.

After registering record sales during the festive season, footfalls at Hero MotoCorp's dealerships had dropped to 15 per cent of levels registered in October in the first two days of the currency ban drive announced on November 8.

Munjal is optimistic about the end results of the move.

"The currency ban initiative by the government is a bold and progressive decision which will provide a significant boost to the economy and will create a transparent and inclusive financial system. The agility reflected with subsequent steps is also aiding the public both in urban and rural areas. I am personally very enthused by this decision", Munjal said.